USD/CAD: sell target - 1.2100
- USD/CAD broke major support level 1.2400
- Next sell target - 1.2100
By: Dima Chernovolov
USD/CAD recently broke sharply below the powerful support level 1.2400 (which has been reversing this currency pair from the start of February, as you can see from the daily USD/CAD chart below). The breakout of this support level was preceded by the breakout of the upward-sloping support trendline from last November – which accelerated the active minor impulse wave 3 (which belongs to the intermediate (C)-wave from the middle of March).
Having recently reversed down from the 38.2% Fibonacci Correction of the previous downward price impulse from the start of April - USD/CAD is likely to fall further toward the next sell target at the support level 1.2100.